Exhibit 99.1

STRATASYS LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED

MARCH 31, 2021

(UNAUDITED)

1

INDEX TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2021

(UNAUDITED)

Item |  | Page
Consolidated Balance Sheets |  | 2
Consolidated Statements of Operations and Comprehensive Loss |  | 3
Consolidated Statements of Changes in Equity |  | 4-5
Consolidated Statements of Cash Flows |  | 6
Notes to Condensed Consolidated Interim Financial Statements |  | 7-18

1

STRATASYS LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited)

Consolidated Balance Sheets |  |  |  |  |  |  |  |
(in thousands, except share data) |  |  |  |  |  |  |  |
|  |  | March 31, 2021 |  |  |  | December 31, 2020 |
ASSETS |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 421,398 |  |  | $ | 272,092 |
Short-term Deposits |  |  | 109,000 |  |  |  | 27,000 |
Accounts receivable, net of allowance for credit losses of $0.9 million as of March 31, 2021 and December 31, 2020 |  |  | 102,780 |  |  |  | 106,068 |
Inventories |  |  | 124,199 |  |  |  | 131,672 |
Prepaid expenses |  |  | 10,345 |  |  |  | 6,717 |
Other current assets |  |  | 16,745 |  |  |  | 16,943 |
Total current assets |  |  | 784,467 |  |  |  | 560,492 |
Non-current assets |  |  |  |  |  |  |  |
Property, plant and equipment, net |  |  | 199,382 |  |  |  | 201,232 |
Goodwill |  |  | 38,074 |  |  |  | 35,694 |
Other intangible assets, net |  |  | 131,619 |  |  |  | 131,569 |
Operating lease right-of-use assets |  |  | 19,089 |  |  |  | 21,298 |
Other non-current assets |  |  | 43,299 |  |  |  | 39,717 |
Total non-current assets |  |  | 431,463 |  |  |  | 429,510 |
Total assets |  | $ | 1,215,930 |  |  | $ | 990,002 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |
Accounts payable |  | $ | 28,062 |  |  | $ | 16,987 |
Accrued expenses and other current liabilities |  |  | 29,283 |  |  |  | 31,061 |
Accrued compensation and related benefits |  |  | 30,937 |  |  |  | 25,659 |
Deferred revenues - short term |  |  | 49,413 |  |  |  | 49,165 |
Operating lease liabilities - short term |  |  | 8,941 |  |  |  | 9,282 |
Total current liabilities |  |  | 146,636 |  |  |  | 132,154 |
Non-current liabilities |  |  |  |  |  |  |  |
Deferred revenues - long term |  |  | 14,074 |  |  |  | 14,227 |
Operating lease liabilities - long term |  |  | 10,501 |  |  |  | 12,567 |
Contingent consideration |  |  | 40,234 |  |  |  | 37,400 |
Other non-current liabilities |  |  | 32,470 |  |  |  | 34,059 |
Total non-current liabilities |  |  | 97,279 |  |  |  | 98,253 |
Total liabilities |  | $ | 243,915 |  |  | $ | 230,407 |
Contingencies (see note 12) |  |  |  |  |  |  |  |
Redeemable non-controlling interests |  |  | 227 |  |  |  | 227 |
Equity |  |  |  |  |  |  |  |
Ordinary shares, NIS 0.01 nominal value, authorized 180,000 thousand shares; 65,218 thousand shares and 56,617 thousand shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively |  |  | 181 |  |  |  | 155 |
Additional paid-in capital |  |  | 2,984,048 |  |  |  | 2,753,955 |
Accumulated other comprehensive loss |  |  | (7,634 | ) |  |  | (8,846 | )
Accumulated deficit |  |  | (2,004,807 | ) |  |  | (1,985,896 | )
Total equity |  |  | 971,788 |  |  |  | 759,368 |
Total liabilities and equity |  | $ | 1,215,930 |  |  | $ | 990,002 |

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

2

STRATASYS LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited)

Consolidated Statements of Operations and Comprehensive Loss |  |  |  |  |  |  |
| Three Months Ended March 31,
in thousands, except per share data |  | 2021 |  |  |  | 2020 |
Revenues |  |  |  |  |  |  |
Products | $ | 90,324 |  |  | $ | 83,172 |
Services |  | 43,865 |  |  |  | 49,735 |
|  | 134,189 |  |  |  | 132,907 |
Cost of revenues |  |  |  |  |  |  |
Products |  | 46,920 |  |  |  | 39,248 |
Services |  | 31,692 |  |  |  | 33,789 |
|  | 78,612 |  |  |  | 73,037 |
Gross profit |  | 55,577 |  |  |  | 59,870 |
Operating expenses |  |  |  |  |  |  |
Research and development, net |  | 20,601 |  |  |  | 24,194 |
Selling, general and administrative |  | 53,334 |  |  |  | 55,576 |
|  | 73,935 |  |  |  | 79,770 |
Operating loss |  | (18,358 | ) |  |  | (19,900 | )
Financial expenses, net |  | (377 | ) |  |  | (829 | )
Loss before income taxes |  | (18,735 | ) |  |  | (20,729 | )
Income tax expenses (benefit) |  | (942 | ) |  |  | 221 |
Share in losses of associated companies |  | (1,118 | ) |  |  | (838 | )
Net loss | $ | (18,911 | ) |  | $ | (21,788 | )
Net loss attributable to non-controlling interests |  | - |  |  |  | (85 | )
Net loss attributable to Stratasys Ltd. | $ | (18,911 | ) |  | $ | (21,703 | )
Net loss per ordinary share attributable to Stratasys Ltd. - basic and diluted | $ | (0.32 | ) |  | $ | (0.40 | )
Weighted average ordinary shares outstanding. - basic and diluted |  | 58,616 |  |  |  | 54,544 |
Comprehensive loss |  |  |  |  |  |  |
Net loss |  | (18,911 | ) |  |  | (21,788 | )
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
Foreign currency translation adjustments |  | (961 | ) |  |  | (1,954 | )
Unrealized gains (losses) on derivatives designated as cash flow hedges |  | 2,173 |  |  |  | 822 |
Other comprehensive income (loss), net of tax |  | 1,212 |  |  |  | (1,132 | )
Comprehensive loss |  | (17,699 | ) |  |  | (22,920 | )
Less: comprehensive loss attributable to non-controlling interests |  | - |  |  |  | (85 | )
Comprehensive loss attributable to Stratasys Ltd. | $ | (17,699 | ) |  | $ | (22,835 | )

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

3

STRATASYS LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited)

Consolidated Statements of Changes in Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three Months Ended March 31, 2021 and 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Additional |  |  |  |  |  |  |  | Other |  |  |  |  |
|  | Ordinary Shares |  |  | Paid-In |  |  |  | Accumulated |  |  |  | Comprehensive |  |  |  | Total |
|  |  | Number of shares |  |  |  | Par Value |  |  |  | Capital |  |  |  | deficit |  |  |  | Loss |  |  |  | Equity |
Balance as of December 31, 2020 |  |  | 56,617 |  |  |  | 155 |  |  |  | 2,753,955 |  |  |  | (1,985,896 | ) |  |  | (8,846 | ) |  |  | 759,368 |
Issuance of shares in connection with stock-based compensation plans |  |  | 670 |  |  |  | 2 |  |  |  | 2,881 |  |  |  | - |  |  |  | - |  |  |  | 2,883 |
Stock-based compensation |  |  | - |  |  |  | - |  |  |  | 7,205 |  |  |  | - |  |  |  | - |  |  |  | 7,205 |
Public offering of ordinary shares, net |  |  | 7,931 |  |  |  | 24 |  |  |  | 218,851 |  |  |  | - |  |  |  | - |  |  |  | 218,875 |
Deferred tax assets in connection with public offering expenses |  |  | - |  |  |  | - |  |  |  | 1,156 |  |  |  | - |  |  |  | - |  |  |  | 1,156 |
Comprehensive income (loss) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (18,911 | ) |  |  | 1,212 |  |  |  | (17,699 | )
Balance as of March 31, 2021 |  | $ | 65,218 |  |  | $ | 181 |  |  | $ | 2,984,048 |  |  | $ | (2,004,807 | ) |  | $ | (7,634 | ) |  | $ | 971,788 |

4

STRATASYS LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited)

Consolidated Statements of Changes in Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(in thousands ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Three Months Ended March 31, 2021 and 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Accumulated |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | Additional |  |  |  |  |  |  |  | Other |  |  |  |  |
|  | Ordinary Shares |  |  | Paid-In |  |  |  | Accumulated |  |  |  | Comprehensive |  |  |  | Total |
|  |  | Number of shares |  |  |  | Par Value |  |  |  | Capital |  |  |  | deficit |  |  |  | Loss |  |  |  | Equity |
Balance as of December 31, 2019 |  |  | 54,441 |  |  |  | 148 |  |  |  | 2,706,894 |  |  |  | (1,542,175 | ) |  |  | (7,716 | ) |  |  | 1,157,151 |
Issuance of shares in connection with stock-based compensation plans |  |  | 358 |  |  |  | 1 |  |  |  | 29 |  |  |  | - |  |  |  | - |  |  |  | 30 |
Stock-based compensation |  |  | - |  |  |  | - |  |  |  | 4,907 |  |  |  | - |  |  |  | - |  |  |  | 4,907 |
Comprehensive loss |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (21,703 | ) |  |  | (1,132 | ) |  |  | (22,835 | )
Balance as of March 31, 2020 |  | $ | 54,799 |  |  | $ | 149 |  |  | $ | 2,711,830 |  |  | $ | (1,563,878 | ) |  | $ | (8,848 | ) |  | $ | 1,139,253 |

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

5

STRATASYS LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

(Unaudited)

Consolidated Statements of Cash Flows |  |  |  |  |  |  |  |  |
|  |  | Three Months Ended March 31,
in thousands |  |  |  | 2021 |  |  |  | 2020 |
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net loss |  |  | $ | (18,911 | ) |  | $ | (21,788 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  | 13,802 |  |  |  | 12,457 |
Stock-based compensation |  |  |  | 7,205 |  |  |  | 4,907 |
Foreign currency transaction loss |  |  |  | 4,181 |  |  |  | 3,428 |
Deferred income taxes |  |  |  | (1,774 | ) |  |  | (409 | )
Share in losses of associated companies |  |  |  | 1,118 |  |  |  | 838 |
Revaluation of investments |  |  |  | (3,670 | ) |  |  | - |
Other non-cash items, net |  |  |  | 193 |  |  |  | 201 |
Change in cash attributable to changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |
Accounts receivable, net |  |  |  | 2,620 |  |  |  | 16,541 |
Inventories |  |  |  | 7,046 |  |  |  | (5,659 | )
Other current assets and prepaid expenses |  |  |  | (3,775 | ) |  |  | 3,519 |
Other non-current assets |  |  |  | 1,595 |  |  |  | 902 |
Accounts payable |  |  |  | 10,197 |  |  |  | (3,086 | )
Other current liabilities |  |  |  | 6,453 |  |  |  | 9,047 |
Deferred revenues |  |  |  | (433 | ) |  |  | (2,154 | )
Other non-current liabilities |  |  |  | (3,096 | ) |  |  | (7,470 | )
Net cash provided by operating activities |  |  |  | 22,751 |  |  |  | 11,274 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Cash paid for acquisitions, net of cash acquired |  |  |  | (6,356 | ) |  |  | - |
Purchase of property and equipment |  |  |  | (4,012 | ) |  |  | (6,291 | )
Investments in short-term bank deposits |  |  |  | (109,000 | ) |  |  | - |
Proceeds from short-term bank deposits |  |  |  | 27,000 |  |  |  | - |
Net proceeds from divestitures of subsidiaries and associated companies |  |  |  | - |  |  |  | 1,000 |
Purchase of intangible assets |  |  |  | (278 | ) |  |  | (413 | )
Other investing activities |  |  |  | (98 | ) |  |  | 206 |
Net cash used in investing activities |  |  |  | (92,744 | ) |  |  | (5,498 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Proceeds from public offering, net of issuance costs |  |  |  | 218,875 |  |  |  | - |
Proceeds from exercise of stock options |  |  |  | 2,883 |  |  |  | 30 |
Other financing activities |  |  |  | 407 |  |  |  | - |
Net cash provided by financing activities |  |  |  | 222,165 |  |  |  | 30 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |  |  |  | (2,872 | ) |  |  | (2,116 | )
Net change in cash, cash equivalents and restricted cash |  |  |  | 149,300 |  |  |  | 3,690 |
Cash, cash equivalents and restricted cash, beginning of period |  |  |  | 272,216 |  |  |  | 293,597 |
Cash, cash equivalents and restricted cash, end of period |  |  | $ | 421,516 |  |  | $ | 297,287 |
Supplemental disclosures of cash flow information: |  |  |  |  |  |  |  |  |
Transfer of inventory to fixed assets |  |  |  | 884 |  |  |  | 832 |
Transfer of fixed assets to inventory |  |  |  | 210 |  |  |  | 5 |

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

6

STRATASYS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Business Description and Basis of Presentation

Stratasys Ltd. (collectively with its subsidiaries, the “Company” or “Stratasys”) is a global leader in connected, polymer-based 3D printing solutions, across the entire manufacturing value chain. The Company leverages its competitive advantages, which include a broad set of best-in-class 3D printing platforms, software, a materials and technology partner ecosystem, innovative leadership, and global GTM infrastructure, in order to position itself to capture share in a significant and growing global marketplace, with a focus on manufacturing. The Company’s approximately 1,600 granted and pending additive technology patents to date have been used to create models, prototypes, manufacturing tools, and production parts for a multitude of industries including aerospace, automotive, transportation, healthcare, consumer products, dental, medical, and education. Stratasys’ products and comprehensive solutions improve product quality, development time, cost, and time-to-market. The Company’s 3D ecosystem of solutions and expertise includes 3D printers, materials, software, expert services, and on-demand parts production.

The condensed consolidated interim financial information herein is unaudited; however, such information reflects all adjustments (consisting of normal, recurring adjustments), which are, in the opinion of management, necessary for a fair statement of results for the interim period. The condensed consolidated interim financial statements include the accounts of Stratasys Ltd. and its subsidiaries. All intercompany accounts and transactions, including profits from intercompany sales not yet realized outside the Company, have been eliminated in consolidation.

The Company's financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”), which requires the Company to make estimates based on assumptions about current and, for some estimates, future economic and market conditions which affect reported amounts and related disclosures in its financial statements. Although the Company current estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from the Company expectations, which could materially affect its results of operations and financial position.

In particular, a number of estimates have been and will continue to be affected by the ongoing COVID-19 pandemic. The severity, magnitude and duration of, and recovery from, as well as the economic consequences of, the COVID-19 pandemic, remain uncertain, rapidly changing and difficult to predict. As a result, the accounting estimates and assumptions may change over time in response to COVID-19. Such changes could have an additional impact on the Company’s long-lived asset and intangible asset valuation; inventory valuation; assessment of the annual effective tax rate; and the allowance for expected credit losses and bad debt.

The results of operations for the three months ended March 31, 2021 are not indicative of results that could be expected for the entire fiscal year. Certain financial information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The reader is referred to the audited consolidated financial statements and notes thereto for the year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of the Company’s Annual Report on Form 20-F for such year on March 1, 2021.

Note 2. New Accounting Pronouncements

Accounting Pronouncements Adopted in 2021

In December 2019, the FASB issued new guidance to simplify the accounting for income taxes by removing certain exceptions to the general principles and simplification of areas such as franchise taxes, step-up in tax basis goodwill, separate entity financial statements and interim recognition of enactment of tax laws or rate changes The guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company adopted this guidance effective January 1, 2021, with no material impact on its consolidated financial statements.

7

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Note 3. Certain Transactions
Origin acquisition
On December 31, 2020 (the “Origin transaction date”) the Company acquired 3D printing start-up Origin Laboratories Inc. (“Origin”) for an aggregate purchase price of $97.1 million (the “Origin transaction”), including cash and shares. The acquisition enables Stratasys to expand its leadership through innovation in the fast-growing mass production parts market with a next-generation photopolymer platform. Stratasys expects Origin’s proprietary Programmable PhotoPolymerization (P3) technology to be an important growth engine for the Company. The acquisition was aimed at fortifying the Company's leadership in polymers and production applications of 3D printing in industries such as dental, medical, tooling, and select industrial, defense, and consumer goods markets.
In exchange for 100% of the outstanding shares of Origin the Company issued 1,488 thousand ordinary shares, paid cash upon closing, and is obligated to pay additional payments (combination of cash and shares) subject to performance-based earn-outs over 3 years.
The Origin transaction is reflected in accordance with ASC Topic 805, “Business Combinations”, using the acquisition method of accounting with the Company as the acquirer.
The following table summarizes the fair value of the consideration transferred to Origin stockholders for the Origin transaction:

|  | U.S. $ in thousands |
Cash payments | $ | 33,025 |
Issuance of ordinary shares to Origin stockholders |  | 26,636 |
Contingent consideration at estimated fair value |  | 37,400 |
Total consideration | $ | 97,061 |

The fair value of the ordinary shares issued was determined based on the closing market price of the Company’s ordinary shares on the Origin transaction date.
In accordance with ASC Topic 805, the estimated contingent consideration as of the Origin transaction date was included in the purchase price. The total contingent payments could reach to a maximum aggregate amount of up to $40 million. Approximately 50% of the payments shall be settled in cash, and 50% shall be settled through the issuance of ordinary shares. The estimated fair value of the contingent consideration is based on management’s assessment of whether, and at what level, the financial metrics will be achieved, and the present value factors associated with the timing of the payments. This fair value measurement is based on significant unobservable inputs in the market and thus represents a Level 3 measurement within the fair value hierarchy. Changes in the fair value of contingent consideration will be recorded in Consolidated Statements of Operations and Comprehensive Loss. Refer to note 9.
An additional payment of $6 million, which is subject to the founders' retention over 3 years, will be recorded as compensation expense over the retention period. Compensation expenses for the three-month period ended March 31, 2021 were approximately $1.1 million.
8

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed, based on the information that is available as of March 31, 2021. Thus, the measurements of fair value reflected are subject to changes and such changes could be significant. The preliminary allocation of the purchase price to assets acquired and liabilities assumed is as follows:

|  | Allocation of Purchase Price |
|  | (U.S. $ in thousands) |
Cash and cash equivalents | $ | 2,083 |
Goodwill |  | 36,379 |
Intangible assets |  | 71,125 |
Other assets |  | 4,364 |
Total assets acquired |  | 113,951 |
Net deferred tax liabilities |  | 14,007 |
Other labilities |  | 2,883 |
Total liabilities assumed |  | 16,890 |
Net assets acquired | $ | 97,061 |

The allocation of the purchase price to net assets acquired and liability assumed resulted in the recognition of an intangible asset related to developed technology of $71 million. This intangible asset has a useful-life of 10 years. The fair value estimate of the developed technology is determined using a variation of the income approach known as the “Multi-Period Excess Earnings Approach”. This valuation technique estimates the fair value of an asset based on market participants’ expectations of the cash flows an asset would generate over its remaining useful life. The net cash flows were discounted to present value.
Pro forma information giving effect to the acquisition has not been provided as the impact of the transaction for purposes of Stratasys' consolidation results of operations and financial condition would not be material.
RPS acquisition
On February 16, 2021 the Company acquired RP Support Limited (“RPS”), a provider of industrial stereolithography 3D printers and solutions. In exchange for 100% of the outstanding shares of RPS, the Company paid cash upon closing and is obligated to make additional payments (in cash), subject to performance-based criteria, via earn-out payments over two years.
Marketable equity investment
The Company recognized in the first quarter of 2021 an income of $3.7 million for revaluation of an equity investment. In prior periods the investment was treated as a non-marketable equity investment without readily determinable FV. The entity has become public during the first quarter and accordingly the investment is now treated as a marketable equity investment.
9

STRATASYS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Note 4. Revenues

Disaggregation of Revenues

The following table presents the Company’s revenues disaggregated by geographical region (based on the Company's customers' locations) and revenue type for the three months ended March 31, 2021 and 2020:

| Three months ended March 31,
|  | 2021 |  |  |  | 2020 |
| (U.S. $ in thousands)
Americas |  |  |  |  |  |  |
Products | $ | 49,568 |  |  | $ | 48,244 |
Service |  | 32,545 |  |  |  | 38,329 |
Total Americas |  | 82,113 |  |  |  | 86,573 |
EMEA |  |  |  |  |  |  |
Products |  | 22,501 |  |  |  | 20,747 |
Service |  | 6,417 |  |  |  | 6,173 |
Total EMEA |  | 28,918 |  |  |  | 26,920 |
Asia Pacific |  |  |  |  |  |  |
Products |  | 18,255 |  |  |  | 14,181 |
Service |  | 4,903 |  |  |  | 5,233 |
Total Asia Pacific |  | 23,158 |  |  |  | 19,414 |
Total Revenues | $ | 134,189 |  |  | $ | 132,907 |

The following table presents the Company’s revenues disaggregated based on the timing of revenue recognition (at a specific point in time or over the course of time) for the three months ended March 31, 2021 and 2020:

|  | Three months ended March 31,
|  |  | 2021 |  |  |  | 2020 |
|  | (U.S. $ in thousands)
Revenues recognized in point in time from: |  |  |  |  |  |  |  |
Products |  | $ | 90,324 |  |  | $ | 83,172 |
Services |  |  | 10,601 |  |  |  | 10,644 |
Total revenues recognized in point in time |  |  | 100,925 |  |  |  | 93,816 |
Revenues recognized over time from: |  |  |  |  |  |  |  |
Services |  |  | 33,264 |  |  |  | 39,091 |
Total revenues recognized over time |  |  | 33,264 |  |  |  | 39,091 |
Total Revenues |  | $ | 134,189 |  |  | $ | 132,907 |

10

STRATASYS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Contract Assets and Contract Liabilities

Contract assets are recorded when the Company's right to consideration is conditional on constraints other than the passage of time. The Company had no material contract assets as of March 31, 2021 and December 31, 2020.

Contract liabilities include advance payments and billings in excess of revenue recognized, which are primarily related to advanced billings for service type warranty. Contract liabilities are presented under deferred revenues. The Company's deferred revenues as of March 31, 2021 and December 31, 2020 were as follows:

|  |  | March 31, |  |  |  | December 31, |
|  |  | 2021 |  |  |  | 2020 |
|  | U.S. $ in thousands
Deferred revenue* |  |  | 63,487 |  |  |  | 63,392 |

*Includes $14.1 million and $14.2 million under long term deferred revenue in the Company's consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively.

Revenue recognized in 2021 that was included in deferred revenue balance as of December 31, 2020 was $18.4 million for the three months ended March 31, 2021.

Remaining Performance Obligations

Remaining Performance Obligations (“RPO“) represent contracted revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. As of March 31, 2021, the total RPO amounted to $89.7 million. The Company expects to recognize $74.9 million of this RPO during the next 12 months, $9.2 million over the subsequent 12 months and the remaining $5.6 million thereafter.

Incremental Costs of Obtaining a Contract

Sales commissions earned mainly by the Company’s sales agents are considered incremental costs of obtaining a contract with a customer, as the Company expects the benefit of those commissions to be longer than one year. The majority of the sales commissions are not subject to capitalization, as the commission expense is recognized as the related revenue is recognized. Sales commissions for initial contracts related to the service type warranty are deferred and then amortized on a straight-line basis over the expected customer relationship period if the Company expects to recover those costs. Amortization expense is included in selling, general and administrative expenses in the consolidated statements of operations. As of March 31, 2021 and December 31, 2020, the deferred commissions amounted to $5.3 million and $5.0 million, respectively.

11

STRATASYS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Note 5. Inventories

Inventories consisted of the following:

|  |  | March 31, |  |  |  | December 31, |
|  |  | 2021 |  |  |  | 2020 |
|  | U.S. $ in thousands
Finished goods |  | $ | 52,845 |  |  | $ | 61,297 |
Work-in-process |  |  | 3,739 |  |  |  | 3,163 |
Raw materials |  |  | 67,615 |  |  |  | 67,212 |
|  | $ | 124,199 |  |  | $ | 131,672 |

Note 6. Goodwill and Other Intangible Assets

Goodwill

Changes in the carrying amount of the Company’s goodwill for the three months ended March 31, 2021 were as follows:

|  |  | U.S. $ in thousands |
Goodwill as of January 1, 2021 |  | $ | 35,694 |
Goodwill acquired* |  |  | 1,716 |
Foreign currency translation adjustments and other |  |  | 664 |
Goodwill as of March 31, 2021 |  | $ | 38,074 |

*The goodwill was acquired as part of RPS acquisition. See Note 3.

During the third quarter of 2020, the Company had noted that indicators of potential impairment existed which required an interim goodwill impairment analysis for Stratasys-Objet reporting unit. These indicators included longer and deeper than expected reduction in the business, refinement to the company’s business focus into additional inorganic technologies and sustained decline in the Company’s market capitalization during the past two quarters, all, primarily as a result of the COVID-19 impact on the global economy and the Company’s business.
As a result of the factors discussed above, the Company revisited its assumptions supporting the cash flow projections for its Stratasys-Objet reporting unit, including: (i) the expected duration and depth of revenue reduction and certain revenue growth assumptions; (ii) the associated operating profit margins; and (iii) the long term growth rate. In estimating the discounted cash flow, the Company used the following key assumptions: the Company currently expects it will take approximately two years to regain the loss of revenue and return to its pre COVID-19 activity levels considering the impact of both volume and price with a similar effect on profitability. Following such period, the Company expects to return to similar growth rates as estimated in prior valuations. The Company assumes a long term terminal growth rate of 2.5%, which is lower than the 3.1% used in prior valuations. In addition, changes in business focus due to introduction of new technologies is expected to lower the total revenues related to the Stratasys-Objet reporting unit. The resulting cash flow amounts were discounted using the same discount rate of 13.5%.
Based on the revised cash flow projections, the value of the reporting unit had decreased below its carrying value, and the Company recorded in the third quarter of 2020, goodwill impairment charge of $386.2 million, the entire reporting unit’s goodwill.
12

STRATASYS LTD.
NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Other Intangible Assets

Other intangible assets consisted of the following:

|  | March 31, 2021 |  | December 31, 2020
|  |  | Carrying Amount, |  |  |  |  |  |  |  | Net |  |  |  | Carrying Amount, |  |  |  |  |  |  |  | Net |
|  |  | Net of |  |  |  | Accumulated |  |  |  | Book |  |  |  | Net of |  |  |  | Accumulated |  |  |  | Book |
|  |  | Impairment |  |  |  | Amortization |  |  |  | Value |  |  |  | Impairment |  |  |  | Amortization |  |  |  | Value |
|  | U.S. $ in thousands
Developed technology |  | $ | 365,207 |  |  | $ | (265,352 | ) |  | $ | 99,855 |  |  | $ | 357,863 |  |  | $ | (260,123 | ) |  | $ | 97,740 |
Patents |  |  | 17,894 |  |  |  | (8,812 | ) |  |  | 9,082 |  |  |  | 17,699 |  |  |  | (8,487 | ) |  |  | 9,212 |
Trademarks and trade names |  |  | 26,031 |  |  |  | (21,397 | ) |  |  | 4,634 |  |  |  | 26,036 |  |  |  | (21,114 | ) |  |  | 4,922 |
Customer relationships |  |  | 100,883 |  |  |  | (82,835 | ) |  |  | 18,048 |  |  |  | 101,107 |  |  |  | (81,413 | ) |  |  | 19,695 |
Capitalized software development costs |  |  | 7,410 |  |  |  | (7,410 | ) |  |  | - |  |  |  | 7,410 |  |  |  | (7,410 | ) |  |  | - |
|  | $ | 517,425 |  |  | $ | (385,806 | ) |  | $ | 131,619 |  |  | $ | 510,115 |  |  | $ | (378,547 | ) |  | $ | 131,569 |

Amortization expenses relating to intangible assets for the three-month period ended March 31, 2021 and 2020 were approximately $7.5 million and $6.2 million, respectively.

As of March 31, 2021, the estimated amortization expenses relating to intangible assets for each of the following future periods were as follows:

|  |  | Estimated |
|  |  | amortization expense |
|  |  | (U.S. $ in thousands) |
Remaining 9 months of 2021 |  | $ | 22,840 |
2022 |  |  | 28,662 |
2023 |  |  | 14,081 |
2024 |  |  | 10,185 |
2025 and thereafter |  |  | 55,851 |
Total |  |  | 131,619 |

Note 7. Net Loss Per Share

The following table presents the numerator and denominator of the basic and diluted net loss per share computations for the three months ended March 31, 2021 and 2020:

|  | Three Months Ended March 31,
|  |  | 2021 |  |  |  | 2020 |
|  | In thousands, except per share amounts
Numerator: |  |  |  |  |  |  |  |
Net loss attributable to Stratasys Ltd. for basic and diluted loss per share |  |  | (18,911 | ) |  |  | (21,703 | )
Denominator: |  |  |  |  |  |  |  |
Weighted average shares - for basic and diluted net loss per share |  |  | 58,616 |  |  |  | 54,544 |
Net loss per share attributable to Stratasys Ltd. |  |  |  |  |  |  |  |
Basic and diluted |  | $ | (0.32 | ) |  | $ | (0.40 | )

The computation of diluted net loss per share excluded share awards of 5.4 million shares and 5.3 million shares for the three months ended March 31, 2021 and 2020, respectively, because their inclusion would have had an anti-dilutive effect on the diluted net loss per share.

Note 8. Income Taxes

The Company had income tax benefit of $0.9 million for the three-month period ended March 31, 2021 compared to income tax expenses of $0.2 million for the three-month period ended March 31, 2020. The Company’s effective tax rate as of March 31, 2021 was primarily impacted by the geographic mix of its earnings and losses, as well as a valuation allowance on losses of the Company's US subsidiaries.

13

STRATASYS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Note 9. Fair Value Measurements

Financial instruments measured at fair value

The following table summarizes the Company’s financial assets and liabilities that are carried at fair value on a recurring basis, in its consolidated balance sheets:

| March 31, 2021 |  | December 31, 2020
|  | Level 2 |  |  |  | Level 3 |  |  |  | Level 2 |  |  |  | Level 3 |
| (U.S. $ in thousands)
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts not designated as hedging instruments | $ | 41 |  |  |  | - |  |  | $ | 56 |  |  |  | - |
Foreign exchange forward contracts designated as hedging instruments |  | 754 |  |  |  | - |  |  |  | 793 |  |  |  | - |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts not designated as hedging instruments |  | (252 | ) |  |  | - |  |  |  | (1,098 | ) |  |  | - |
Foreign exchange forward contracts designated as hedging instruments |  | (140 | ) |  |  | - |  |  |  | (1,584 | ) |  |  | - |
Contingent consideration |  | - |  |  |  | 40,234 |  |  |  | - |  |  |  | 37,400 |
| $ | 403 |  |  | $ | 40,234 |  |  | $ | (1,833 | ) |  | $ | 37,400 |

The Company’s foreign exchange forward contracts are classified as Level 2, as they are not actively traded and are valued using pricing models that use observable market inputs, including interest rate curves and both forward and spot prices for currencies (Level 2 inputs).

Contingent consideration represents liabilities recorded at fair value in connection with acquisitions, and thus represents a Level 3 measurement within the fair value hierarchy (refer to Note 3).

Other financial instruments consist mainly of cash and cash equivalents, short-term deposits, current and non-current receivables, accounts payable and other current liabilities. The fair value of these financial instruments approximates their carrying values.

14

STRATASYS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Note 10. Derivative instruments and hedging activities

Since the Company conducts its operations globally, it is exposed to global market risks and to the risk that its earnings, cash flows and equity could be adversely impacted by fluctuations in foreign currency exchange rates. The Company enters into transactions involving foreign currency exchange derivative financial instruments. The Company manages its foreign currency exposures on a consolidated basis, which allows the Company to net exposures and take advantage of any natural hedging. The transactions are designed to manage the Company’s net exposure to foreign currency exchange rates and to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates. The Company does not enter into derivative transactions for trading purposes.

The Company is primarily exposed to foreign exchange risk with respect to recognized assets and liabilities and forecasted transactions denominated in the New Israeli Shekel (“NIS”), Euro, GBP, Korean Won, Chinese Yuan and the Japanese Yen. The gains and losses on the hedging instruments partially offset losses and gains on the hedged items. Financial markets and currency volatility may limit the Company’s ability to hedge these exposures. These contracts mature through December 2021.

The following table summarizes the consolidated balance sheets classification and fair values of the Company’s derivative instruments:

|  |  |  | Fair Value |  | Notional Amount
|  |  |  |  | March 31, |  |  |  | December 31, |  |  |  | March 31, |  |  |  | December 31, |
|  | Balance sheet location |  |  | 2021 |  |  |  | 2020 |  |  |  | 2021 |  |  |  | 2020 |
|  |  |  | U.S. $ in thousands
Assets derivatives -Foreign exchange contracts, not designated as hedging instruments |  | Other current assets |  | $ | 41 |  |  | $ | 56 |  |  | $ | 10,981 |  |  | $ | 36,882 |
Assets derivatives -Foreign exchange contracts, designated as cash flow hedge |  | Other current assets |  |  | 754 |  |  |  | 793 |  |  |  | 50,316 |  |  |  | 10,417 |
Liability derivatives -Foreign exchange contracts, not designated as hedging instruments |  | Accrued expenses and other current liabilities |  |  | (252 | ) |  |  | (1,098 | ) |  |  | 44,078 |  |  |  | 37,999 |
Liability derivatives -Foreign exchange contracts, designated as hedging instruments |  | Accrued expenses and other current liabilities |  |  | (140 | ) |  |  | (1,584 | ) |  |  | 18,473 |  |  |  | 50,186 |
|  |  |  | $ | 403 |  |  | $ | (1,833 | ) |  | $ | 123,848 |  |  | $ | 135,484 |

Foreign exchange contracts not designated as hedging instruments

As of March 31, 2021, the notional amounts of the Company’s outstanding exchange forward contracts, not designated as hedging instruments, were $55.1 million, and were used to reduce foreign currency exposures. With respect to such derivatives, gains of $2.2 million and of $1.5 million were recognized under financial income (expenses), net for the three-month period ended March 31, 2021 and 2020, respectively. Such gains or losses partially offset the foreign currency revaluation changes of the balance sheet items. These foreign currencies revaluation changes are also recognized under financial income (expenses), net.

Cash Flow Hedging - Hedges of forecasted foreign currency payroll and other operating expenses

As of March 31, 2021, the Company had in effect foreign exchange forward contracts, designated as cash flow hedges for accounting purposes, for the conversion of $29.3 million into NIS. The Company uses short-term cash flow hedge contracts to reduce its exposure to variability in expected future cash flows resulting mainly from payroll costs and other operating expenses denominated in NIS. The changes in fair value of those contracts are included in the Company’s accumulated other comprehensive loss.

Cash Flow Hedging - Hedges of forecasted foreign currency revenue

As of March 31, 2021, the Company had in effect foreign exchange forward contracts, designated as cash flow hedges for accounting purposes, for the conversion of 33.0 million Euro into U.S. dollars. The Company transacts business in U.S. dollars and in various other currencies. The Company may use foreign exchange or forward contracts to hedge certain cash flow exposures resulting from changes in these foreign currency exchange rates. These foreign exchange contracts, carried at fair value, have maturities of up to twelve months. The Company enters into these foreign exchange contracts to hedge a portion of its forecasted foreign currency denominated revenue in the normal course of business and accordingly, they are not speculative in nature.

15

STRATASYS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

Note 11. Equity

a. Stock-based compensation plans

Stock-based compensation expenses for equity-classified stock options, restricted share units (“RSUs”) and performance-based restricted share units (”PSUs”) were allocated as follows:

|  | Three Months Ended
|  | March 31,
|  |  | 2021 |  |  |  | 2020 |
|  | U.S $ in thousands
Cost of sales |  | $ | 634 |  |  | $ | 402 |
Research and development, net |  |  | 1,424 |  |  |  | 1,556 |
Selling, general and administrative |  |  | 5,147 |  |  |  | 2,949 |
Total stock-based compensation expenses |  | $ | 7,205 |  |  | $ | 4,907 |

A summary of the Company’s stock option activity for the three months ended March 31, 2021 is as follows:

|  |  | Number of Options |  |  |  | Weighted Average Exercise Price |
Options outstanding as of January 1, 2021 |  | $ | 2,102,529 |  |  | $ | 28.06 |
Granted |  |  | 46,366 |  |  |  | 3.15 |
Exercised |  |  | (137,220 | ) |  |  | 21.01 |
Forfeited |  |  | (13,439 | ) |  |  | 36.26 |
Options outstanding as of March 31, 2021 |  |  | 1,998,236 |  |  |  | 27.91 |
Options exercisable as of March 31, 2021 |  | $ | 1,619,049 |  |  | $ | 30.82 |

As of March 31, 2021, the unrecognized compensation cost of $3.4 million related to all unvested, equity-classified stock options is expected to be recognized as an expense over a weighted-average period of 3.3 years.

16

STRATASYS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

A summary of the Company’s RSUs and PSUs activity for the three months ended March 31, 2021 is as follows:

|  |  | Number of RSUs and PSUs |  |  |  | Weighted Average Grant Date Fair Value |
Unvested as of January 1, 2021 |  | $ | 2,801,116 |  |  | $ | 21.08 |
Granted |  |  | 1,201,186 |  |  |  | 34.62 |
Vested |  |  | (533,533 | ) |  |  | 22.56 |
Forfeited |  |  | (110,731 | ) |  |  | 20.69 |
Unvested as of March 31, 2021 |  | $ | 3,358,038 |  |  | $ | 25.70 |

The fair value of RSUs and PSUs is determined based on the quoted price of the Company’s ordinary shares on the date of the grant.

As of March 31, 2021, the unrecognized compensation cost of $76 million related to all unvested, equity-classified RSUs and PSUs is expected to be recognized as expense over a weighted-average period of 2.7 years.

b. Accumulated other comprehensive loss

The following tables present the changes in the components of accumulated other comprehensive income (loss), net of taxes, for the three months ended March 31, 2021 and 2020, respectively:

|  | Three Months Ended March 31, 2021
|  |  | Net Unrealized Gain (Loss) on Cash Flow Hedges |  |  |  |  | Foreign Currency Translation Adjustments |  |  |  |  | Total |
|  | U.S. $ in thousands
Balance as of January 1, 2021 |  | $ | (1,673 | ) |  |  | $ | (7,173 | ) |  |  | $ | (8,846 | )
Other comprehensive income (loss) before reclassifications |  |  | 1,607 |  |  |  |  | (961 | ) |  |  |  | 646 |
Amounts reclassified from accumulated other comprehensive loss |  |  | 566 |  |  |  |  | - |  |  |  |  | 566 |
Other comprehensive income (loss) |  |  | 2,173 |  |  |  |  | (961 | ) |  |  |  | 1,212 |
Balance as of March 31, 2020 |  | $ | 500 |  |  |  | $ | (8,134 | ) |  |  | $ | (7,634 | )

17

STRATASYS LTD.

NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED)

|  | Three Months Ended March 31, 2020
|  |  | Net Unrealized Gain (Loss) on Cash Flow Hedges |  |  |  |  | Foreign Currency Translation Adjustments |  |  |  |  | Total |
|  | U.S. $ in thousands
Balance as of January 1, 2020 |  | $ | (10 | ) |  |  | $ | (7,706 | ) |  |  | $ | (7,716 | )
Other comprehensive income (loss) before reclassifications |  |  | 849 |  |  |  |  | (1,954 | ) |  |  |  | (1,105 | )
Amounts reclassified from accumulated other comprehensive loss |  |  | (27 | ) |  |  |  | - |  |  |  |  | (27 | )
Other comprehensive income (loss) |  |  | 822 |  |  |  |  | (1,954 | ) |  |  |  | (1,132 | )
Balance as of March 31, 2020 |  | $ | 812 |  |  |  | $ | (9,660 | ) |  |  | $ | (8,848 | )

c. Public offering of ordinary shares

During March 2021, the Company completed a capital raise of $218.9 million, net of underwriting discounts and offering expenses. The total number of shares sold by the Company in the public offering was 7,931,034.
A deferred tax asset in an amount of $1.2 million was recorded in respect of a tax benefit, arising from the underwriting discounts and offering expenses, as an increase to Additional Paid-In Capital.

Note 12. Contingencies

Legal proceedings

The Company is a party to various legal proceedings from time to time, the outcome of which, in the opinion of management, will not have a significant effect on the financial position, profitability or cash flows of the Company.

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